Wells Fargo & Co (NYSE: WFC) announced on Wednesday that it had modified 523,336 mortgages through the bank’s internal programs and through the federal government’s Home Mortgage Affordability Program (HAMP) as of March 31st.
Wells Fargo has made modifications of about 380,000 under its own private programs since the beginning of 2009, according to a press release released by Wells Fargo. The San Francisco-based bank reported 144,932 federal active trial and completed modifications as of March 31, including 30,014 permanent modifications and another 9,162 pending completion.
“HAMP (the federal Home Affordable Modification Program) is the starting point in our efforts to help borrowers facing financial challenges, but we been very successful in finding other workout options when a customer is not eligible for HAMP,” said Mike Heid, co-president of Wells Fargo Home Mortgage, in a statement.
Wells Fargo also said that it has started or completed three mortgage modifications for each foreclosure sale on owner-occupied properties that that taken place since October 2009. Thte bank also said that less than 2% of loans secured by owner-occupied homes and serviced by Wells Fargo have gone into foreclosure during the last year.
Wells Fargo & Co said it has added more than 10,000 home retention staff workers since the end of 2008 and now has about 17,400 U.S. staff focused on mortgage modification efforts.
